Back in the early 1990s, when John Dalli was Minister of Economic Affairs and then Finance Minister, he appointed Eric Schembri chairman of the government-owned Mediterranean Insurance Brokers (MIB) and Mediterranean Underwriting Managers (MUM). Within a couple of years, Finance Minister Dalli and MIB/MUM chairman Schembri decided that both companies should be privatised because it wasn’t profitable for the government to keep them on. Mediterranean Insurance Brokers was sold on, but guess who bought Mediterranean Underwriting Managers? That’s right, chairman Eric Schembri himself, along with Alfred Mifsud and some input from the Tumas Group. Both Alfred Mifsud and John Dalli worked as consultants for the Tumas Group at various times. The company’s name was then changed to Allcare Insurance Agency Ltd. When it transformed into an actual insurance company, rather than an insurance agency, in late 2012, the name changed again to Allcare Insurance Ltd. John Dalli has been a regular visitor at the Allcare/Crystal Finance offices over the years, even when he was EU Commissioner. He preferred to visit after hours when staff had gone home, but was spotted all the same. His daughter Claire Gauci Borda was appointed to the board of Crystal Finance in January 2013. When Eric Schembri and Alfred Mifsud wanted a risk management/internal audit at Allcare, Claire Gauci Borda did it, despite not being qualified in that specialised field.
Posted on: Tue, 18 Nov 2014 19:19:41 +0000
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